How Upskilling & Reskilling are Crucial to the Future of Work
Most businesses took a hit over the past year or so, and many have had to change on the fly. Here’s why we think reskilling and upskilling your employees could be the secret to building a better future for your company.
If the last year has taught us anything, it’s that those big problems can come out of nowhere.
What’s more, today’s companies face mounting pressure to adapt to the needs of the current market while balancing preparation for future disruption. That means reskilling and upskilling, both your own skills and the skill sets within your company. Your employees will be trying to reskill and upskill as well. We’re here to discuss why you need to support that.
One big problem that many organizations are facing is how to adapt to a quickly changing workforce and environment while preparing for the impending employee exodus everyone seems to be talking about.
In the first two parts of our Future of Work series, we covered employees’ desire for a?Work From Home (WFH)/Hybrid work environment?and their?growing inclination towards a career change, respectively.
Based on these shifts, we can predict a more significant difference in the overall future of work. Modernization is on the horizon, and the sooner you embrace and plan for it, the better off you’ll be.
How do you prepare for all of this change?
By solving the asks of this new workforce.
Consider investing in a comprehensive retraining program. More specifically, a program that features upskilling & reskilling. This type of program not only is more cost-effective than relying on external hiring, but it also signifies to employees that you’re invested in their progress, creating a solid foundation for the future.
Employees who may have left for a more challenging career or to up their game within their discipline can often be persuaded to stay if they feel their employer cares about their career path. At Reveal, we find value in conducting a “Re-recruiting you to Reveal” exercise about every year. This helps to uncover and define desires for upskilling or reskilling. Let us know if you want to receive the documents and process for this exercise.
Reason #1: Why Reskill Your Workforce?
Meet Change Head-On
According to Forbes,?26% of workers are planning on switching jobs, and 80% of that group says that move is due to a?desire for career advancement. Companies that offer opportunities for their employees to grow are more likely to retain their current, trained workforce.
DYK??26% of workers are planning on switching jobs, and 80% of that group says that move is due to a desire for career advancement.
This career advancement doesn’t just come in the form of promotions or title changes. It also includes allowing your employees to expand their skillset.
Use employee development as an opportunity to showcase your commitment to your team. This isn’t just taking on a stance on giving your employees more opportunities, but rather a chance for you to build deeper, more impactful relationships with your employees. Your organizational ties will be stronger in the long run, and your team will be more engaged with their work.
We believe a commitment to helping your employees better themselves goes a long way toward fostering a healthy relationship. When you invest in the development of your employees, it reinforces your commitment to the success of their careers while supporting them in their professional goals.
A change like that in your company’s culture will increase the productivity of your current employees and give you a competitive edge when it comes to attracting the best talent on the market.
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Reason #2: Why Reskill Your Workforce?
More Cost-Effective than External Hiring
It’s clear there is a lot of cultural value in upskilling and reskilling your current employees, but leaders will also enjoy the financial value they see. A survey among 200 businesses discovered that?77% of organizations experienced a decline in sales during the pandemic. Over the past year, many companies had to make hard decisions to maintain their bottom line.
DYK??77% of organizations experienced a decline in sales during the pandemic?
While some struggles were to be expected, not every business prepared for the possibility of moving to an entirely contactless or online model. In fact, complications from COVID forced 29% of surveyed businesses to either halt their operations or prepare for closure in the future. These companies struggling to stay afloat will have to make some big decisions to survive. Luckily, upskilling & reskilling offer a cost-effective lifeline to keep your head above water.
Instead of relying entirely on external hires to retool and diversify your workforce, you can take the time to reskill and upskill your current staff. The current employees will learn skills that modernize your organization and maybe even provide a buffer in the event of another disruption. You can even bolster your adult learning offerings to further invest in your employees’ progress.
Even if your business is operating smoothly, it still never hurts to grow a diversified business. A diversified workforce gives companies the flexibility to respond to any number of scenarios. What’s more, it’s less expensive to diversify your current workforce than to hire a new one.
Reason #3: Why Reskill Your Workforce?
Take A Proactive Approach to Your Company’s Future
Companies that reskill & upskill their current workforce are helping themselves in the present while simultaneously preparing for the future. Large companies are using this strategy to attract new, modern employees. For example, Amazon has invested $700 million into their new reskilling and upskilling program. But, reskilling has been around for quite some time. Back in 2016, Mastercard created its retraining program that is adapted and used to this day.
A solid retraining program can be a proactive approach to the future in many ways, including:
Your Decision in the Future of Work: To Reskill or Not to Reskill?
If the workforce is changing, the workplace has to change with it. If your goal is to attract the best talent and retain it, you need to address the shifting needs of job seekers and employees.
Your employees want the same things out of their careers that you want out of your company: growth and progress. A comprehensive, innovative upskilling & reskilling program clarifies that you’re investing in your employees in the same way they’re investing in your business. And that is a great foundation to take into the future.
The Future of Work is here, and employers need to prepare for the changes it brings. For the latest insights and advice on how to better plan for and adapt to the changing workforce, check out the other parts in our Future of Work series:
Future of Work Part 1:?How to Navigate the NEW Future of Work
Future of Work Part 2:?Future of Work: Musical Chairs II?
This article was originally published to Reveal Global's Quintessence? Blog.